Something that lots of people don’t understand when they look at Filing for Bankruptcy is that it can actually prevent you from taking a trip overseas. This is one particular thing that many people overlook, and it can actually get you in a lot of trouble.
If you are being confronted by Bankruptcy then traveling is probably one of your minor concerns– but it is still important to keep in mind. However if you are right now more worried about assets, your house, your home, and what they may leave you with, then I would wholeheartedly encourage you make the most of our free appointment at Bankruptcy Experts Darwin on 1300 795 575.
But I want to explain to you here a bit about some of your obligations and restrictions that are placed upon you when it relates to Filing for Bankruptcy. Now don’t let any of this stop you from looking at Filing for Bankruptcy, because it is ultimately often the smartest decision to make, but I want you to be aware of all the scenarios that can affect you.
So firstly, when it concerns Filing for Bankruptcy you should know that once you declare bankruptcy you are to be considered as a bankrupt until it concerns an end following discharge or annulment. This will typically be 3 years and 1 day after you file.
However! This could be longer if you break the rules. There are a number of them, so please do consult a professional service, like that at Bankruptcy Experts Darwin. But for now, let’s review overseas travel.
First and foremost, it is an offence to travel while bankrupt, or even to make arrangements to travel without the written approval of your bankruptcy trustee. As discussed the rules on this part of Filing for Bankruptcy are clear, and you can face an extension of your bankruptcy period– or even face imprisonment upon conviction. Generally these regulation exist to stop someone who is facing bankruptcy from fleeing the country. But for most people out there who, for instance have a business in Darwin and have just made some poor choices, this won’t be the risk, but the limitations will still apply.
For instance, we once had a consumer in Darwin who, declared bankruptcy and a year later was unfortunately was told that their mother died in her home in England. Our client, obviously upset, took the next plane available to go see her family. However, this was in breach of the bankruptcy conditions, and she in fact faced some substantial issues for departing the country without permission.
In all honesty, if she had observed the systems there would have been no real issue due to the circumstances, but rules are rules.
The process surrounding Filing for Bankruptcy and overseas travel is optional on the part of the trustee, but if you don’t ask permission you will find yourself in trouble– and that is just among one of the frequently overlooked restrictions when it comes to Filing for Bankruptcy. You should ensure that you recognize as much as you can about Filing for Bankruptcy as early as possible because only then can you attempt to make the very best decision for your situation. I advise that you take advantage of our free consultation at Bankruptcy Experts Darwin on 1300 795 575. And if you have any questions of concerns about overseas travel or Filing for Bankruptcy, then also explore our website www.bankruptcyexpertsDarwin.com.au.